.2 min went through Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Rely on Monday said Sonata Money Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their particular board appointments have actually approved a plan of intermixture.According to the plan of amalgamation permitted on Monday, Sonata would certainly combine with BSS Microfinance Ltd on a going worry basis, Kotak Mahindra Banking company said in a regulative submission.The plan would be subject to the approval of the respective shareholders as well as creditors of Sonata and also BSS as well as the approval of the interested National Business Legislation Tribunal (NCLT) as well as other governing authorizations, it stated.The consolidated total assets of Sonata as well as BSS is lower than 2 per cent of the total assets of the bank, as on March 31, 2024, it pointed out.Sonata and BSS Microfinance transaction is at an arm's length cost based on valuation document acquired coming from an individual licensed valuer, it mentioned.BSS would certainly provide and also set aside to the investors of Sonata cooperate percentage of 1,931 portions of face value of Rs 10 each in BSS for every single 10,000 reveals of stated value of Rs 10 each held through all of them in Sonata pursuant to system of combinations, it mentioned.The plan of combination is between 2 non listed subsidiaries of the financial institution and also the bank is not a gathering to the plan, it claimed.Consequently of this particular intermixture, it mentioned, there would be no change in the shareholding design of the banking company.BSS as well as Sonata work as company correspondents for the bank and offer mini money, unsecured tiny ticket loans and also small market value gotten lendings to women debtors and individuals in support of the financial institution.Sonata's total assets was Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Financial institution declared acquisition of Sonata Financial in February 2023. Disclosure: Entities regulated by the Kotak family possess a significant holding in Business Requirement Pvt Ltd. Initial Released: Aug 12 2024|9:17 PM IST.